Singapore’s reputation as a major seat for international arbitration is well established. Increasingly popular among Korean clients, the Singapore International Arbitration Centre (SIAC) remains an attractive venue for Singaporean, Indian and South East Asian parties in particular. Looking to further cement itself as a venue for dispute resolution, the government has proposed to establish two new centres: the Singapore International Commercial Court (SICC) and the Singapore International Mediation Court (SIMC). The intention is that Singapore will provide a full range of forums for the resolution of cross-border disputes.

For transactional work, Singapore continues to be an important hub for the region; its ongoing popularity, however, is a double-edged sword. New entrants in the local market are sparking concerns among some of the more established firms about sustainability, with the ever-increasing competition bringing fee considerations to the fore.

On the flip side, a number of local firms are looking beyond the domestic legal market, establishing country desks from Singapore or launching offices elsewhere in South East Asia. Rajah & Tann LLP, one of the ‘big four’ law firms in Singapore, is particularly active in regional expansion.

On the international firm front, 2013 saw the arrival of Simmons & Simmons and the return of Morrison & Foerster. Freshfields Bruckhaus Deringer has made significant strides since its 2012 relaunch, thanks in part to its large regional client base and well-established Hong Kong office.

Singapore has been a trade bridge between the East and the West for close to 200 hundred years. It has one of the busiest ports and one of the best airports underlying its fantastic transportation links. For one of the most densely populated places on earth, the traffic flows smoothly, people get to places reliably on the metro network and there is a large number of taxis that gets you anywhere you need to be in about 10 minutes, or 20 if getting to or from the airport.

The Companies (Amendment) Bill No. 25 of 2014
( Amendment Bill ) was passed by the Singapore Parliament on 8 October
2014. The Amendment Bill introduces the largest overhaul of the Singapore
Companies Act (Cap. 50) ( Companies Act ) since it was enacted in 1967.

Singapore’s new International Commercial
Court ( SICC ), which was launched at the beginning of the legal year,
promises to offer a bold new method of resolving commercial disputes in South-East
Asia and beyond. The establishment of the Court recognises that large, complex,
commercial matters can be most effectively resolved by a bench of specialist
judges according to bespoke procedures. This much is not new. Commercial courts
have grown up around the world to meet the need for businesses to resolve
disputes fairly and efficiently. This need has intensified as trade and
commerce has grown increasingly international and parties have found themselves
litigating in different quarters of the world. The launch of the SICC can be
seen in that context as a response to the need for a dedicated commercial
litigation forum in the region. But the ambitions for SICC are arguably higher
than that. Informed by the current landscape for resolving commercial disputes,
the Court ventures into unchartered waters in at least two respects. First, it
offers parties a flexibility in procedure that is influenced by practices seen
in international arbitration. Secondly, and arguably more importantly, the
Court may cause the development of a jurisprudence that consolidates and
harmonises the region’s commercial laws: a lex
mercatoria for Asia.

The criminal sanctions for bribery and corruption are well known. So too
is the fact that a principal may be liable for the payment of a bribe by one of
its agents. What then happens when the bribe is paid by an intermediary who may
have been acting for both parties? Further, what are the civil consequences of
an intermediary’s bribe to close a deal?

A trend is emerging that business
lawyers need to read family law reports to discern new legal principles [1] .
This is perhaps not surprising as wealthy individuals hold their personal
wealth through corporate entities. In Singapore, such a scenario gave rise to
the need for the High Court to consider whether the shareholders of a company
may resolve to manage the company when the directors are unable to act. In a
learned and closely reasoned judgment, giving full weight to the variance under

All eyes were on Alibaba in its $22 billion initial public offering ( IPO )
on 19 September 2014, the largest ever in US history. Investors were so eager
to add the Chinese e-commerce giant to their portfolios that the shares
rocketed 38% on its debut and Alibaba closed with a valuation of $231 billion
on the first day, more than the market value of Amazon and E-Bay combined.
However, investors were not really investing in Alibaba – they were investing
in Jack Ma. As the founder himself observed in front of cameras at the New York
Stock Exchange: “Today, what we’ve got is not money. What we’ve got is trust
from the people.”

Both parties in last
year’s High Court case of Chew Ai Hua,
Sandra v Woo Kah Wai and another (Chesney Real Estate Pte Ltd, third party) [2013]
3 SLR 1088 ( Chew Ai Hua’s case ) appealed against the judgment of the
court. The Court of Appeal’s decision is an important reminder of the risks
associated with so-called “pre-option contracts” in real estate transactions.

Stamford Law is pleased to announce Chuan Thye’s appointment as Senior
Counsel. The elite S.C. scheme recognises outstanding advocates who have
extensive knowledge of the law and the highest professional standing.

Stamford Law is advising UOB Kay Hian
Private Limited on its role as the financial adviser to Ocean Sky International
Limited ( Ocean Sky ) in relation to
the proposed reverse takeover of Link (THM) Holdings Pte. Ltd by Ocean Sky at a
consideration of approximately S$226 million. The consideration shall be
satisfied by the issue and allotment of up to approximately 642.75 million new Ocean
Sky shares to the vendors and the arranger, at an indicative issue price of
S$0.352 per new share.

Stamford Law advised UG
Healthcare, a Malaysia-based manufacturer and distributor of latex examination
gloves, on its initial public listing and subsequent listing on the Catalist of
the SGX-ST. The company ’s market capitalisation
upon listing was approximately S$44. 2 million.

Stamford Law advised iFast
Corporation on their initial public offering and listing on the SGX Mainboard.
This is the first Mainboard listing for this quarter. The company raised S$49 million, and its market value on listing was
approximately S$243.4 million.

Stamford Law advised Shaw Kwei & Partners
Ltd ( SKP ) in its US$17 million
investment in Amos International Holdings Pte Ltd. The Amos group provides
marine and offshore procurement and logistics management solutions to vessels
calling at major Asian ports including Singapore, Malaysia, China and Hong
Kong. SKP is a private equity fund manager based in Hong Kong, specialising in
investments in the Greater China region of the People’s Republic of China, Hong
Kong, Singapore and Taiwan.

Stamford Law is advising Rothschild Global
Financial Advisory in the pre-conditional voluntary offer by CITIC Limited
(CITIC) and Kohlberg Kravis Roberts & Co. L.P. (KKR) to acquire United
Envirotech Ltd.. Rothschild is the financial adviser to the Offeror, a
consortium vehicle jointly owned by CITIC and KKR. The S$1.2 billion offer,
when made, values United Envirotech at approximately S$1.9 billion.

Stamford Law is advising LionGold
Corp Ltd on its proposed restructuring of US$20 million in principal amount of
convertible bonds and its proposed fund raising activities, consisting of
private placements, an issue of convertible bonds and a rights cum warrants
issue, to raise an aggregate of approximately S$60 million.

Stamford Law advised International Game Technology, a
company listed on the New York Stock Exchange, on the gaming law aspects of the
definitive merger agreement with GTECH S.p.A. for the acquisition of IGT by
GTECH for US$6.4 billion, comprising of US$4.7 billion in cash and stock and
the assumption of US$1.7 billion in net debt.

Stamford Law is advising the receivers and managers of Singapore Flyer Pte. Ltd. (in receivership) ( SFPL )
in the S$140 million sale to Straco Leisure Pte. Ltd of SFPL's business
and assets, including the giant observation wheel known as the
"Singapore Flyer".